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8/12/2010
Informed banker to Kagen: You just don't get it
Debi Bartel knows the banking business – and wrote Representative Kagen to ask that he not support (the complex and recently passed) Dodd-Frank financial regulatory legislation. As you’ll see in her letter below (and as many of you have experienced yourselves with, for example, the good doctor’s response to letters protesting Obamacare), Dr. Kagen tried to make nice, distilling the bill to the most primitive talking points. Is this guy listening?
Dear Representative Kagen:
In response to your letter to me [excerpt below] regarding my correspondence referring to the Dodd-Frank Act -
"While there are some provisions in the new law that may be controversial, it will help level the regulatory and competitive playing field for community banks. The most essential improvements include: no more bailouts; no more bad loans to individuals or businesses who are unqualified to receive them; and better oversight of the Federal Reserve. Over time, confidence and trust in the banking and financial systems will be restored."
Dr. Kagen, I work for a small-town community bank that has been in business for 123 years. Our goal is to help good, financially sound families own a home. WE understand what this bill is going to do to us and other banks of our ilk. This bill is not going to help us - it's going to bury us under layers of bureaucratic red tape and regulations, keeping us from helping the very people that we have helped all these years. Please do not condescend to me and the members of my bank that "you are helping to restore confidence and trust in the banking and financial industry." I believe you have no real understanding of this bill.
Furthermore, the Wisconsin Bankers Association (WBA) and the American Bankers' Association (ABA) have both fought this bill tooth and nail since its inception. The fact that you not only did not listen to us, individually or as a group, only proves that you think you know better than us who are living and breathing this industry every day!
It makes me sad, frustrated and angry, that there are people in government offices who were elected by US, to represent US, who don't care about what WE say. And it's not just me. I know you are getting stacks of letters of this sort every day.
Please start listening.
Debi Bartel
Human Resources Director
East Wisconsin Savings Bank
Hear, hear. Thank you Debi Bartel, and the many of you out there taking on this fight. Dang it.
Jo Egelhoff, FoxPolitics.net
COMMENTS
Ah yes, and Debi, please take a look at this 8-minute video... Banker and politician greed is what trashed our economy.
Jack Lohman (Thu Aug 12 08:02:30 2010)
Thanks to Debi for taking the time to write this letter. What we need is not MORE, or LESS, government, but BETTER government, starting with ALL elected officials, from Congress on down to local city council.
JeanMarie (Thu Aug 12 09:08:38 2010)
Jack thanks for the link. I agree mostly with him but you forget that small banks are not really part of the problem. I think that many of them are as much a victim of this system as the rest of us. Regulations should be written to favor the smaller business not the other way around like it is now.
Dean Weichmann (Thu Aug 12 09:50:42 2010)
Yes, I agree Dean. It's a lot like here in our own state where Aurora got the small hospitals to join their lobbying campaign to eliminate the Certificate of Need regulations, and then once repealed they started gobbling up the medical community that was once their friends.
The Big Bankers are doing the same to the Small Bankers, but in both cases it would not have happened if political cash did not flow.
Jack Lohman (Thu Aug 12 09:57:13 2010)
"it would not have happened if political cash did not flow."
-- no. It would not happen if people of integrity served in Congress.
Tom (Thu Aug 12 12:20:56 2010)
Yea, Tom, they always go in with integrity but are immediately corrupted by the realization that they need cash dollars to get re-elected. And then the trades begin. There are only two types of money; public and private. Only by offering an alternative to corruption will we compete with private dollars.
Jack Lohman (Thu Aug 12 12:30:30 2010)
Jack the corrupting power of money over politicians may be high but part of the power of money is to influence us all. Money can buy advertising and fund Think Tanks of people who think like those with the money.
People need to learn to think critically, carefully and hardest of all with an open mind.
Dean Weichmann (Thu Aug 12 14:24:09 2010)
WOW!! the guy is either clueless or a liar. Got snowed by his party leadership. I hope the voters do him a favor and whip that snow from his eyes and get him out of the storm.
Ken Van Doren (Thu Aug 12 18:46:28 2010)
Yea, I agree Dean. Some people are easily swayed.
Jack Lohman (Thu Aug 12 19:37:18 2010)
And the worst part of this bill is it gives the Federal Reserve more power and control. The Federal Reserve created this nightmare in the first place, and now through it's slimy tenacles, it grants itself more power to finish off our economy. If anyone believes the Republicans will save you, (Are you listening Reid Ribble) read this article by one of Reagan's former adviser's. http://grupo.org/stockman/
Scott Hamilton (Sat Aug 14 01:28:08 2010)
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